Veeva Systems Inc. (NYSE:VEEV) Stock Position Lessened by OLD National Bancorp IN

OLD National Bancorp IN decreased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.5% in the 1st quarter, HoldingsChannel reports. The firm owned 47,410 shares of the technology company’s stock after selling 2,219 shares during the quarter. OLD National Bancorp IN’s holdings in Veeva Systems were worth $10,982,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Veeva Systems by 14.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,560 shares of the technology company’s stock valued at $3,061,000 after buying an additional 1,892 shares in the last quarter. Shepherd Financial Partners LLC boosted its stake in Veeva Systems by 3.1% during the fourth quarter. Shepherd Financial Partners LLC now owns 3,868 shares of the technology company’s stock valued at $813,000 after buying an additional 116 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Veeva Systems by 17.5% during the fourth quarter. Apollon Wealth Management LLC now owns 2,552 shares of the technology company’s stock valued at $537,000 after buying an additional 380 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in Veeva Systems by 2.3% during the fourth quarter. Empowered Funds LLC now owns 4,265 shares of the technology company’s stock valued at $897,000 after buying an additional 95 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares of the company’s stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 in the last three months. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Trading Down 1.7%

Shares of Veeva Systems stock opened at $285.08 on Friday. The stock has a 50-day moving average price of $235.57 and a 200 day moving average price of $230.21. The company has a market cap of $46.38 billion, a P/E ratio of 70.39, a P/E/G ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 1 year low of $176.41 and a 1 year high of $291.68.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.50 EPS. On average, equities analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. UBS Group raised their target price on Veeva Systems from $250.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, May 29th. KeyCorp decreased their target price on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Stifel Nicolaus raised their target price on Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Citigroup raised their target price on Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Finally, Piper Sandler upped their target price on Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $269.80.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.